News for the week of March 6, 2023 |
ICT: Auto Rates, Legislative Bills, Spring Storms, Catalytic Converter Thefts...Oh MY! |
ICT has been working diligently on several issues on behalf of members. The 88th Legislative Session is in full swing with the filing deadline quickly approaching on Friday. We are tracking several bills that could have impacts on the insurance industry ranging from catalytic converters, TWIA funding and ESG. We are currently tracking 337 bills and have identified 64 bills that have impacts to the P&C market and 37 with implications for the workers' compensation industry. In the news, we managed several inquiries regarding the impacts of inflation on auto rates and the continued upward trending catalytic converter thefts. ICT's annual spring storm educational campaign kicked-off early this year due to the storms that swept through the region with hail, winds and tornado warnings. Over the next few months we will be promoting what to do before, during and after a storm and how customers should manage the insurance process. |
What's ICT Up To? ICT to Hold All Member Call on March 22 |
Get updates on what we are tracking in the Legislature, latest issues in the media and how you can access more ICT resources. |
Mitsubishi Outlander most frequently targeted by catalytic converter thieves in San Antonio |
SUBSCRIPTION - The Mitsubishi Outlander, including the Outlander Sport shown here, was the most commonly targeted vehicle by catalytic converter thieves in San Antonio in 2022. READ MORE>> |
Here's what to do if you are caught in severe weather |
Looking ahead, damaging winds, large hail and even isolated tornadoes are all possible during Thursday evening's commute. READ MORE>> |
Stop high car insurance rates from crashing your budget |
Insurance rates, on average, will cost San Antonio drivers about six percent more this year. The average San Antonio driver pays $1,935 a year for car insurance, according to a Bankrate study. Blame inflation. READ MORE>> |
Legislative News & Updates |
House Insurance Committee Meets for Organizational Meeting |
The House Insurance Committee met for the first time this session on Tuesday, Feb. 28. The Committee heard from TDI, OPIC, and TWIA, who each gave overviews of things under their purview. Issues mentioned during the meeting included auto repair, the complexity of form filings, questions about the surplus lines market, and TWIA reinsurance and funding. House Insurance will meet weekly on Tuesdays during the session to hear bills. ICT will keep members informed with recaps of these hearings. |
House Business & Industry Committee Meets |
The House Business & Industry Committee had its organizational meeting on Monday, March 6. They will hear invited testimony from DWC, OIEC, State Office of Risk Management, Texas Mutual, and the Texas Workforce Commission. |
Deadline to File Bills for the 88th Legislature Approaching |
The deadline for Texas legislators to file bills is Friday, March 10. As of the end of the day on Friday, March 3, there had been 5,053 bills filed (3,475 House Bills and 1,578 Senate Bills). For reference, last session there were a total of 6,927 HBs and SBs filed. ICT is tracking 337 bills. We have identified 64 bills of interest with a particular nexus to P&C issues and 37 bills of interest for workers' compensation. |
TWIA Bill Filed Seeks Unlimited Assessments from Insurers |
Senator Mayes Middleton (R) filed SB 1217, which is a TWIA omnibus bill. Omnibus bills package together various legislative initiatives. Most concerning for insurers is a provision that requires member assessments to pay for TWIA losses in lieu of bonds and above reinsurance. These assessments appear to be unlimited. Member insurers would also be subject to CPI adjustments for assessments. The bill also includes provisions to change the way that TWIA determines their Probable Maximum Loss (PML), essentially requiring them to choose a model that represents the lowest PML and the PML would be determined at a 1 in 50-year level. The insurance commissioner would appoint the TWIA general manager and TWIA would be required to have its offices in Tier 1 or Tier 2. Other things the bill touches on include rate filing deadlines and board composition, including removing insurer representatives from the board. An identical companion bill, HB 2880 by Jose Lozano (R), was filed in the House. ICT will monitor and update members as the bill moves through the process. |
TDI Releases Blog and Podcast on Insurance Fraud |
Everyone pays for insurance fraud because it drives up the cost of our insurance premiums. Learn how the TDI Fraud Unit investigates and prosecutes insurance fraud. They also share what consumers should watch for and how insurance fraud can take on many forms. ACCESS TO THE BLOG & PODCAST>> |
DWC Seeks Comments on Forms Changes |
DWC is accepting public comments on changes to four forms: - DWC Form-022, Request for a required medical examination (RME)
- DWC Form-031, Request to change payment period or purchase an annuity for death or lifetime income benefits
- DWC Form-051, Request for a lump sum payment of impairment income benefits (IIBs)
- DWC Form-057, Request to extend the date of maximum medical improvement for an approved spinal surgery
To submit comments through ICT, email Angie Cervantes. READ MORE>> |
DWC Adopts Changes to Texas Administrative Code |
Workers' compensation rate filings due June 1 |
TDI accepted the National Council on Compensation Insurance (NCCI) advisory loss cost filing with an effective date of July 1, 2023. This filing proposes an overall average decrease of 9% to the current loss cost level. Insurance companies that currently write workers' compensation insurance and plan to continue writing that coverage on or after July 1, 2023, should submit a rate filing no later than June 1, 2023. See Bulletin B-0001-23 on the TDI website for more details. Texas workers' compensation rate guide |
P&C Industry News & Updates |
Lone Star 'Wake Up Call': Texas Republicans Want to Ban ESG in Insurance |
Over the past year, the backlash against so-called ESG investing has swept through red states as legislatures enacted laws punishing investment firms that use environmental, social, and governance metrics in their decision making. As the saying goes, it’s bigger in Texas. READ MORE>> |
What is ESG investing and why do some hate it so much? |
After sweeping through battles in statehouses across the country, the war against ESG investing is heating up in Congress. The Senate voted Wednesday to overturn a Labor Department rule allowing retirement plans to consider environmental, social and governance factors when making investment decisions, following a similar vote by House Republicans on Tuesday. It sets the stage for a potential first veto by President Joe Biden. READ MORE>> |
Homes in San Marcos see some roof damage after hailstorm rolls through Thursday morning |
Many cars and homes in Central Texas sat outside unprotected as the storms rolled through Thursday morning and night. Several homes in San Marcos saw some sort of hail damage as homes and cars were pummeled during the first wave of the storm. READ MORE>> |
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